BANKING: New President at Chase

Rumors of dissension in the board room, an
exodus of top-level executives, and a decline in competitive vigor have
rubbed some of the luster from David Rockefeller's Chase Manhattan
Bank, the world's third largest. Last week Chairman Rockefeller made
two related announcements. The bank's third-quarter earnings were down
10% from last year, to about $35 million. More surprisingly, President
Herbert P. Patterson, 47, had resigned after scarcely three years in
the $172,500-a-year job that he had reached after a 23-year career with
Chase, his only employer. He was replaced by tough-minded Willard...